Greystar launches $600m commercial real estate fund

Greystar Real Estate Partners launched Greystar Credit Partners II with $600 million in funding and an investment philosophy centered on commercial real estate debt. The fund will focus on the acquisition of securitized subordinated debt issued by the GSEs as well as private label securitizations, junior notes or mezzanine debt collateralized by multi-family assets. In 2018, Greystar raised $500 million in Greystar Credit Partners I, which concluded its investment activities with the new fund’s launch. “The formation of Greystar Credit Partners in 2018 was a logical progression for us,” said Bob Faith, founder, chairman and CEO of Greystar. “Our principal investment business has benefited from the development of new strategies and expansion into new markets, with each endeavor leveraging our extensive operating platform and access to data.” Brett Lashley, managing director of investments, and Patrick Reilly, director of investments, will continue to oversee the portfolio management activities for the new fund. Lashley has been with Greystar for over a decade after spending 10 years at ORIX Finance. Reilly joined Greystar in 2018, after spending six years at State Street focused on commercial mortgage-backed security analysis and investment activity. The Greystar team, which has $35 billion in assets under management, can make decisions based on the firm’s vast amounts of internal data, said Lashley. “Greystar’s large and vertically-integrated rental housing platform, together with our intimate knowledge of underwriting multi-family assets as a principal, positions us well to invest in the most subordinate part of the capital structure,” he said.

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